Theranos had been under fire since October 2015, when The Wall Street Journal published an investigation that called into question the accuracy of its blood test. By the end of 2017, Theranos was in ne eed of new cash to keep it running.

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In December 2017, Theranos said in a letter to investors that it had raised $100 million in secured debt financing from investment firm Fortress Investment Group, with the hope that it would help the company survive through 2018. But in March 2018, the SEC charged Theranos and its founder Elizabeth Holmes with fraud, alleging they had made false statements and misled investors while raising $700 million. Holmes and Theranos settled with the SEC.

Then in June 2018, Holmes stepped down as CEO of Theranos, remaining with the company as a founder and the chair of the board. She was then charged with wire fraud by the Department of Justice.